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Magnetic Resonance Imaging (MRI) Market to reach a valuation of US$ 12.2 Bn by 2028

Magnetic Resonance Imaging (MRI) Market: Global Industry Analysis and Opportunity Assessment 2015-2025 Overview

The magnetic resonance imaging (MRI) market is projected to record a CAGR of 5.7% during the forecast period, up from US$ 7.9 Bn in 2021 to reach a valuation of US$ 12.2 Bn by 2028.

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Magnetic Resonance Imaging Market CAGR 5.7%
Magnetic Resonance Imaging Market (2028) US$ 12.2 Bn

The high field magnetic resonance imaging (MRI) gives more cleared images compared with the remaining MRI, and this is expected to drive the overall demand for MRI systems.

Sales of MRI systems are expected to rise as the images which are given by MRI systems have more information about ligaments and body organs when we compare with the images of X-ray, computed tomography (CT) scan, etc.

In addition to this, demand for MRI systems is spiking on account of its efficiency in detecting diseases caused by tumors, strokes, and spine lesions that affect the blood vessels and brain.

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The MRI market is expected to grow due to the rising demand for MRI systems technology and quick and effective diagnostic procedures.

The pairing of MRI with PET or CT to provide imaging possibilities with less exposure to harmful radiations, rising demand for MRI systems in developing countries, and the rising adoption of universal health coverage are all boosting the MRI market.

The MRI market growth is being fuelled by visualization software and superconducting magnets.

Demand for MRI systems is also due to the recent advancements in MRI technology in the software that make it possible to perform faster contrast scans and streamline the imaging process, also resulting in higher sales of MRI systems.

Diffusion and diffusion tensor imaging with tractography, neuroimaging including MR spectroscopy, and functional imaging using the bold technique are expected to accelerate the MRI market growth during the forecast period.

Moreover, the sales of MRI systems are expected to grow due to the development of intraoperative MRI and its use in various applications such as neurosurgery.

An increase in the discovery of helium deposits also pushes forward the demand for MRI systems to a considerable extent in the coming years.

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What Factors Influence the Magnetic Resonance Imaging (MRI) Market?

The demand for MRI has increased due to the rising geriatric population, technical advancements like low field strength, high field strength MRI systems, and increasing health awareness in developed countries.

No reported side effects of the use of the systems are a major factor propelling the sales of MRI systems across the globe.

Magnetic resonance imaging is an advanced and safe technique when compared with CT scan and X-ray technique as ionizing radiations are used for capturing images in CT, which also propels the demand for MRI systems.

However, sales of MRI systems might dwindle as patients who had heart surgeries, and surgeries with implanted metals at the ligaments have to take precautions while using MRI systems.

With the rapid technological advantage in capturing high-quality images of soft tissue, ligaments, and other body organs, the use of high field strength MRI use will increase, and the sales of MRI systems likely surges.

Conversely, sales of MRI systems (refurbished) are also popular in developing markets as it is cost-effective and easily available.

Installing refurbished systems is significantly less expensive than installing newer systems and is frequently chosen by hospitals and other healthcare institutions in developing countries. As a result, sales of MRI systems drop extensively.

The higher costs associated with the installation and maintenance of imaging equipment are one of the major factors limiting the sales of MRI systems.

Installation and proper maintenance of these systems frequently necessitate complex infrastructure and associated costs, which many medical institutions cannot afford, impeding the sales of MRI systems.

At the same time, voluntary product recalls of a number of imaging systems due to factors such as human error are a significant limitation. It has also hampered the demand for MRI systems. 

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How is the Region-Wise Outlook of Magnetic Resonance Imaging (MRI) Market?

Depending on geographic regions, the global MRI market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, the Asia Pacific, excluding Japan, Japan, and Middle East & Africa.

The growth of the MRI market is high in North America as it is a highly developed region and has better awareness among people about health care.

Due to the well-established US healthcare system and various organizations’ initiatives, this region is expected to grow its MRI market share in the future.

In the Asia Pacific region, China and India hold MRI market share, and Europe also has good growth in the MRI market.

Rapidly growing European countries with high per capita income and well-defined healthcare policies, such as the United Kingdom, France, and Germany, are seeing increased demand for MRI systems and leading to the MRI market growth

Furthermore, the MRI market share is expected to grow due to the region’s constant technological advancements and large investments in healthcare research.

How is the Competitive Landscape in the Magnetic Resonance Imaging (MRI) Market?

There are several major players in the global MRI market, which is highly competitive. A few major players currently dominate the MRI market in terms of MRI market share. 

Mid-size to smaller businesses, on the other hand, are expanding their market presence by introducing new products at lower prices, thereby enlarging their MRI market share.

Some of the key players in the global MRI market are Siemens, Philips Healthcare, Toshiba Medical Systems, GE Healthcare, Hitachi Medical Systems, Esaote SpA, and Sanrad Medical Systems Pvt. Ltd.

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Last Updated: 14-Dec-2022